IDFC Mutual Fund has announced today that its flagship scheme in the mid and small cap category titled IDFC Premier Equity Fund has now become IDFC Multi Cap Fund. With this, the fund house has reopened its largest equity fund for lump sum investments.
The fund, which had a closing AUM of over Rs.5300 crore as on March, 2018 was only allowing investment through SIPs. With around 70% corpus coming through SIP, this has been a highly sought-after fund for SIP investors, claims the fund house.
Launched in September 2005, the fund focused on raising a limited corpus to match investible opportunities available. The fund was opened to lump sum investment for only 44 months in the last 12 years. However, it has always been open for SIP purchases. The fund house claims that the fund has been a preferred choice for investors with a long term horizon. In fact, 80% of investors in the fund have stayed for over five years, says the fund house.
In a press release, Vishal Kapoor, CEO, IDFC Mutual Fund said, “The NAV of the fund has appreciated over 9 times since inception, indicating a compounded annual return of over 19%, a phenomenal record. We are thankful to our channel partners who have continued to recommend this fund for meeting investors’ long term wealth creation needs”
Anoop Bhaskar and Kartik Mehta jointly manage this fund. “The fund will look beyond traditional segments and take a comprehensive view on domestic consumption related opportunities. With favourable demographics, increase in purchasing power and growing urbanization, the canvas for consumption has become bigger and wider” said Bhaskar, Head – Equity, IDFC Mutual Fund.
